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Friday 1st February 2008
Britons should familiarise themselves with the terms of their travel insurance or risk serious financial consequences, it has been claimed.
A new study from MoneyExpert found that 12 per cent of people do not know what travel insurance covers.
This could potentially lead them to missing out on claiming or worse may result in them being underinsured in the event of a serious accident.
The widespread ignorance of what travel insurance covers was underlined by the fact that 34 per cent of respondents said they did not think they were entitled to compensation in the event of a late or cancelled flight.
However, according to MoneyExpert almost all (97 per cent) of policies on the market offer some form of recompense in these cases.
The findings highlight the need for travellers to take a more active interest in the terms of their policies, Sean Gardiner of MoneyExpert, said.
"With people travelling to increasingly exotic destinations and keen to do ever more adventurous activities while abroad, it’s a worry many don’t understand what they’ll be covered for.
"Obviously a white water rafting holiday poses more of a risk than a beach holiday in Spain so it’s vital that people consider exactly what activities they’re going to be doing, and then choose their policy accordingly."
He warned: "If they don't they risk a serious pay out should something go wrong."
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